Shanghai (Gasgoo)- Guangxi Automobile Group Co., Ltd. (Guangxi
Automobile), whose former name is Liuzhou Wuling Automobile
Industry Co., Ltd. (Liuzhou Wuling), and Fulin Industrial Group Co., Ltd.
(Fulin Group), parent company of Yema Auto, signed a letter of intent
on May 9, saying both parties will conduct strategic cooperation based
on Yema Auto platform.

Guangxi Automobile is preparing to acquire Yema Auto and aims to
hold its whole share within five years, according to an insider from the
State-owned Assets Supervision and Administration Commission of the
State Council.

It is said that Fulin Group and Guangxi Automobile will improve

capabilities of researching & developing, manufacturing, marketing and
servicing of traditional fuel-powered vehicles, new-energy vehicles
(NEV) and parts, based on the JV cooperation, as well as their existing
resources and advantages. At the same time, the cooperation aims to
develop Yema Auto into a China-leading automaker with a certain
manufacturing scale, sustainable development and stable operation.

Yema is still focusing on channel and brand building. In traditional
channel sector, Yema Auto has a dealership number of more than 260.
In terms of internet channel sector, Yema sticks to the "multi-platform
and transformation-oriented" strategy. The letter of cooperation intent
with Wuling will enable Yema Auto to capitalize on the off-line
dealership channel of Guangxi Automobile's thousands of dealers to
build a new sales channel mode, which will help products to quickly
cover all-tier cities across China.
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